President Joe Biden has presided over a period of high inflation and, accordingly, a rapid rise in interest rates. Some past presidents — like Lyndon Johnson and Richard Nixon — bullied the Federal Reserve into keeping interest rates low during election years, but Biden has promised to “respect the Fed’s… Read More
This country just ended its negative interest rate policy
Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The Bank of Japan’s lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus… Read More
Ben & Jerry’s to be spun off amid layoffs at parent company
Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits. London-based Unilever said its ice cream business, which also includes Magnum bars, has “distinct characteristics”… Read More
McDonald’s shut down globally Friday
System failures at McDonald’s were reported worldwide Friday, shuttering some restaurants for hours and leading to social media complaints from customers, in what the fast food chain called a “technology outage” that was being fixed. Chicago-based McDonald’s Corp. said the problems were not related to a cybersecurity attack, without giving… Read More
SpaceX loses mega spacecraft near end of test flight
SpaceX came close to completing an hourlong test flight of its mega-rocket on its third try Thursday, but the spacecraft was lost as it descended back to Earth. The company said it lost contact with Starship as it neared its goal, a splashdown in the Indian Ocean. Until then, most… Read More
Dollar Tree surprises Wall Street with plan to close 1,000 stores
Discount retailer Dollar Tree announced plans to close around 1,000 stores following a surprise fourth-quarter loss and a significant write-down of its Family Dollar chain. The company will shutter about 600 Family Dollar locations in the first half of this year, with an additional 370 Family Dollar and 30 Dollar… Read More
Year-over-year inflation rose in February, in a sign that price pressures remain elevated
Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve, which is counting on a steady easing of price pressures this year. Prices rose 0.4% from January to February, higher than the previous month’s figure of 0.3%, the… Read More
ChatGPT manufacturer reinstates Sam Altman to board
OpenAI is reinstating CEO Sam Altman to its board of directors and said it has “full confidence” in his leadership after the conclusion of an outside investigation into the company’s turmoil. The ChatGPT maker tapped the law firm WilmerHale to look into what led the company to abruptly fire Altman… Read More
Donald Trump forced to put up nearly $92 million for appeal
Former President Donald Trump – the presumptive 2024 Republican presidential nomination – has been compelled to post a staggering $91.6 million bond to cover the controversial legal award to writer E. Jean Carroll in her defamation lawsuit against him. According to Trump’s lawyer Alina Habba, the substantial bond was secured… Read More
Kentucky couples loses winning lottery ticket, only to find it again
Luck struck twice for a Kentucky couple who thought they lost a winning Powerball ticket. The Bowling Green couple found out in November that they had won $50,000 but couldn’t find the ticket they had purchased about a week before, the Kentucky Lottery said in a news release. Sponsored: Obama’s… Read More
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